The S&P/ASX 200 (ASX: XJO) continues to defy weakening market sentiment, falling less than 0.1% on Friday with the ASX 200 ultimately gaining 1.2% and delivering a third straight week of gains.
BHP, lithium stocks drive ASX 200
On Friday, energy and materials came roaring back with BHP Group Ltd (ASX: BHP) the primary contributor, but broad-based gains in ASX lithium shares also supporting the market.
The driver was comments from Allkem Ltd (ASX: AKE), which reported another 10% increase in lithium prices received. This supported gains of 8.5% for Allkem, 7.2% for Pilbara Minerals Ltd (ASX: PLS) and 3.6% for Mineral Resources Limited (ASX: MIN).
Macquarie & Domain make deals
Macquarie Group Ltd (ASX: MQG) remains busy, confirming the sale of its 2,000 communication towers held by Axicom, to Australian Super and Singtel in a $3.5 billion deal.
Domain Holdings Australia Ltd (ASX: DHG) also announced a capital raise to fund the $180 million purchase of Realbase, a real estate agent campaign platform.
ASX 200 weekly movers
Across the week, most sectors were higher but materials were the standout, gaining 3.7%, as Allkem and Mineral Resources both gained more than 12%.
Energy weakened after the US government announced the release of stockpiles, whilst healthcare and technology continued to struggle.
Novonix Ltd (ASX: NVX) led the ASX 200 with a 16.1% gain while Ramelius Resources Limited (ASX: RMS) was the biggest detractor, falling 7.5%
ASX 200 today
Looking ahead, the ASX 200 is set to open higher this morning following a positive lead from US stock markets on Friday.